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Definition: Algorand


A smart contract blockchain that was introduced in 2019. Using the proof-of-stake consensus mechanism, Algorand's native cryptocurrency is the Algo. Algorand's creator Silvio Micali was a distinguished cryptographer before he developed his blockchain. The Algorand protocol aims to minimize the risks of smart contracts, and it allows tokens to be created with the same security as the native Algo crypto. See cryptocurrency and crypto glossary.